Market Forces blog + JD Wetherspoon | The Guardianhttps://www.theguardian.com/business/marketforceslive+jdwetherspoon
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Just Eat drops 3% as UK order growth slowshttps://www.theguardian.com/business/marketforceslive/2016/nov/02/just-eat-drops-3-as-uk-order-growth-slows
<p>Shares in takeaway specialist fall back after recent rises as update disappoints</p><p>Shares in takeaway specialist <strong>Just Eat</strong> are as popular as a stale curry despite the company increasing its earnings guidance for the year.</p><p>It said like for like orders in the third quarter rose 34%, with more than 80% coming from mobile devices. So it now expects full year earnings of £109m to £111m, up from a previous estimate of £106m to £108m.</p><p>Over 30% of UK orders are now being processed on Just Eat’s Orderpad platform. This seems to be ahead of expectations (July’s target was for a third of orders by year-end).</p><p>[The change in guidance] is slightly unusual since the previous guidance was set in July, before the extent of the UK’s warm and dry summer was known.</p> <a href="https://www.theguardian.com/business/marketforceslive/2016/nov/02/just-eat-drops-3-as-uk-order-growth-slows">Continue reading...</a>BusinessStock marketsJD WetherspoonWed, 02 Nov 2016 11:47:11 GMThttp://www.theguardian.com/business/marketforceslive/2016/nov/02/just-eat-drops-3-as-uk-order-growth-slowsPhotograph: Just Eat/PAPhotograph: Just Eat/PANick Fletcher2016-11-02T11:47:11ZFTSE falls on US election worries but easyJet and Next soarhttps://www.theguardian.com/business/marketforceslive/2016/nov/02/ftse-falls-on-us-election-worries-but-easyjet-and-next-soar
<p>Low cost airline boosted by double upgrade from HSBC on falling fuel costs</p><p>Shares in Europe have followed the US and Asia lower as a poll showing Donald Trump in the lead in the presidential election spooked investors.</p><p>But <strong>easyJet</strong> is bucking the trend, up 30.5p to 971p as it settled a dispute with its pilots and HSBC analysts double upgraded from reduce to buy. HSBC said the airline had a strong strategic position and would benefit from fuel price improvements next year. Its shares had lost around 45% so far this year after warning on trading, particularly in the wake of the Brexit vote. HSBC also raised its rating on<strong> Ryanair</strong>, up 1.5% to €12.93, from reduce to hold and said:</p><p>Next year Ryanair and easyJet will benefit from significant fuel price improvements, in contrast to their low cost competitors, whose fuel hedging has seen the benefit from falling market prices sooner. Ryanair and easyJet remain the long-term strategic winners in the market with solid strategic positions and strong balance sheets. Despite easyJet’s current short-term commercial and operational challenges, we continue to see it as one of the two market leaders. </p><p>A fresh batch of pre-US election jitters has swept the markets this morning, investors fretting over news that Trump has taken the lead in a national poll.</p><p>While Clinton is still ahead in the majority of surveys, the fact that the orange-faced Republican nominee has clawed his way back to being a potential victor in the aftermath of the FBI email scandal has sent a wave of fear through first the Asian markets, and now the European open.</p> <a href="https://www.theguardian.com/business/marketforceslive/2016/nov/02/ftse-falls-on-us-election-worries-but-easyjet-and-next-soar">Continue reading...</a>BusinessStock marketseasyJetNextRyanairMarks & SpencerStandard CharteredGlencoreAntofagastaRandgold ResourcesFresnilloPersimmonG4SJD WetherspoonWed, 02 Nov 2016 09:45:55 GMThttp://www.theguardian.com/business/marketforceslive/2016/nov/02/ftse-falls-on-us-election-worries-but-easyjet-and-next-soarPhotograph: Philippe Huguen/AFP/Getty ImagesPhotograph: Philippe Huguen/AFP/Getty ImagesNick Fletcher2016-11-02T09:45:55ZOil firms and housebuilders climb but soft drinks decline after budgethttps://www.theguardian.com/business/marketforceslive/2016/mar/16/oil-firms-and-housebuilders-climb-but-soft-drinks-decline-after-budget
<p>Tax changes lift oil companies but sugar tax sends Britvic and AG Barr lower</p><p>Oil companies, housebuilders and investment companies were boosted by chancellor George Osborne’s budget speech, but news of a sugar tax sent soft drinks firms tumbling.</p><p>The <strong>FTSE 100</strong> rose from 6144 at the start of Osborne’s speech to close at 6175.49, up 35.52 points on the day, as business welcomed the proposed cuts in corporation tax.</p> <a href="https://www.theguardian.com/business/marketforceslive/2016/mar/16/oil-firms-and-housebuilders-climb-but-soft-drinks-decline-after-budget">Continue reading...</a>BusinessStock marketsBudget 2016BPRoyal Dutch ShellTullow OilCairn EnergyWood GroupTaylor WimpeyBarratt DevelopmentsHargreaves LansdownSt James's PlaceLadbrokesWilliam HillAdmiralAvivaGreene KingBritvicTate and LyleJD WetherspoonWed, 16 Mar 2016 14:50:16 GMThttp://www.theguardian.com/business/marketforceslive/2016/mar/16/oil-firms-and-housebuilders-climb-but-soft-drinks-decline-after-budgetPhotograph: Taylor Wimpey/PAPhotograph: Taylor Wimpey/PANick Fletcher2016-03-16T14:50:16ZWetherspoon shares fall 4% as it warns on rising staff costshttps://www.theguardian.com/business/marketforceslive/2015/nov/04/wetherspoon-shares-fall-4-as-it-warns-on-rising-staff-costs
<p>Company’s margins come under pressure despite Rugby World Cup boost</p><p><strong>JD Wetherspoon</strong> has warned that increased staff costs were likely to lead to a fall in its full year profits compared to last year.</p><p>Tim Martin, the outspoken chairman of the 900-strong pubs group, said in its first quarter trading update:</p><p>As we indicated in September it is difficult to quantify exactly the factors which will influence our trading performance in the early stages of a financial year.</p><p>Increased labour costs are clearly an important factor for all pub and restaurant companies and may result in our annual profits being slightly lower that the last financial year.</p><p>Wetherspoon released a weak first quarter trading update, with the only silver lining being an improved like for like trading number, if only from the contribution from the Rugby World Cup. Operating margins declined to 6.2% in the first quarter, a 150 basis point decline from the same period in 2015, as a result of higher wage costs. </p><p>Many will be caught by surprise by the [margin] decline .... The direction may have been expected, but the quantum of the decline will surprise many, especially given the 7.4% margin at the full year 2015 results and no indication from management of this level of margin weakness. There will be more pain to come in April with further wage increases (albeit smaller ones) and, with the ever- increasing competitive market backdrop, there is more downside risk to numbers</p><p>Over the next five years, Enterprise management will be embarking upon one of the most ambitious corporate repositioning strategies we have seen in the pub sector over the past two decades, moving from one to three different business units. The plan is not without execution risk.</p><p>However, we believe that the estate will be of better quality after the restructuring and that shareholders’ interests will be significantly enhanced by the clearer understanding of where value lies within the portfolio. We have moved away from an net asset value-based target price to one based on a sum-of-the-pubs analysis, which is more representative of the new group structure. </p> <a href="https://www.theguardian.com/business/marketforceslive/2015/nov/04/wetherspoon-shares-fall-4-as-it-warns-on-rising-staff-costs">Continue reading...</a>BusinessStock marketsJD WetherspoonEnterprise InnsWed, 04 Nov 2015 11:00:11 GMThttp://www.theguardian.com/business/marketforceslive/2015/nov/04/wetherspoon-shares-fall-4-as-it-warns-on-rising-staff-costsPhotograph: Rui Vieira/PAWetherspoon warns profits could be lower this year.Photograph: Rui Vieira/PAWetherspoon warns profits could be lower this year.Nick Fletcher2015-11-04T11:00:11ZJD Wetherspoon hits out at supermarkets again as sales growth slowshttps://www.theguardian.com/business/marketforceslive/2015/may/06/jd-wetherspoon-hits-out-at-supermarkets-again-as-sales-growth-slows
<p>Company says full year expectations are unchanged but criticises late night levy and VAT</p><p>Pubs group <strong>JD Wetherspoon</strong> has hit out once more at the disadvantage it believes it suffers compared to cheap alcohol sales at supermarkets.</p><p>The company reported a 1.7% rise in like for like sales in the13 weeks to 26 April, its third quarter, with total sales up 5.8% including 16 net new openings.</p><p>The late night levy [on venues open after midnight to pay for policing and other costs], combined with higher business rates per pint and a huge VAT disparity, mean that pubs continue to trade at a great disadvantage to supermarkets.</p><p>For the next financial year there are a number of factors which are likely to influence our trading performance, although they are difficult to quantify at this stage.</p><p>There were no real surprises in the third quarter statement, with like for like sales growth slowing and margins down on last year. In the short term, the situation doesn’t look like changing much – JD Wetherspoon’s strategy has always been about the long game – and as a consequence we see little scope for sustained share price outperformance. </p><p>Trading weakened further in the third quarter (the 13 weeks to 26 April), with like for like sales slowing to 1.7% (first half: 4.6%), with margins falling 50 basis points, compounded by additional breakfast/ coffee discounting and weaker like for like sales. We are holding our 2015 forecast which anticipates like for like sales growing by 3.5% and margins falling 85 basis points to 7.35%.</p><p>It’s a good top-line performance with the breakfast initiatives the main driver. However, the cost of achieving this was a 50 basis point fall in margin to 7.5%. Full year margin guidance is 7.3% to 7.7%. To illustrate the sales/margin trade off, we estimate a third quarter 1.7% like for like sales [increase] might have delivered an extra £0.9m of EBIT but the 50 basis point margin erosion cost £1.9m. The key question the company still appears unwilling to test is: what would have happened to like for like sales if it sought to protect margin?</p><p>We believe the catalyst for a re-rating would be an expansion in operating margin; however, we do not anticipate this in the near future, hence our hold recommendation. If the share price continues to remain soft, we would expect Wetherspoon to continue to buy back shares. </p><p>We retain our 833p discounted cash flow-based target price and add recommendation, as we believe that like for like sales should improve steadily through 2016 from the current low of 1.7%. We are also hopeful that operating margins troughed during the second quarter of 2015 at 7.1% and now expect a recovery to 7.5% for the second half and full year 2016. </p> <a href="https://www.theguardian.com/business/marketforceslive/2015/may/06/jd-wetherspoon-hits-out-at-supermarkets-again-as-sales-growth-slows">Continue reading...</a>BusinessJD WetherspoonWed, 06 May 2015 10:42:06 GMThttp://www.theguardian.com/business/marketforceslive/2015/may/06/jd-wetherspoon-hits-out-at-supermarkets-again-as-sales-growth-slowsPhotograph: Sean SmithPhotograph: Sean SmithNick Fletcher2015-05-06T10:42:06ZFTSE heads towards new all time high on budget boosthttps://www.theguardian.com/business/marketforceslive/2015/mar/18/ftse-heads-towards-new-all-time-high-on-budget-boost
<p>Builders, investment groups, oil and drinks companies help market move higher</p><p>Leading shares received a budget boost, heading back towards all time highs despite concerns that the US Federal Reserve could signal an interest rate rise later on Wednesday following its latest meeting.</p><p>The <strong>FTSE 100</strong> finished 107.59 points or 1.57% higher at 6945.20, within 16 points of its record close earlier this month.</p><p>This year’s budget further incentivises long-term retail saving and is therefore broadly positive for investment providers, particularly those focused on the mass retail market (as opposed to those focused on more affluent savers). We consider the main beneficiary in our coverage to be Hargreaves Lansdown, albeit the latter’s current gain [of 5%] seems to us overdone.</p><p>AstraZeneca management has identified its respiratory franchise as one of five growth drivers for the business alongside Brilinta, Diabetes, emerging markets and Japan (oncology is also certainly emerging as a sixth growth platform) and fleshing out of the product offering in order to complete in this market is essential in our view. Other assets in Astra’s respiratory pipeline include the twice daily triple therapy (PT010) which is scheduled to enter Phase 3 evaluation...during 2015.</p><p>The funds raised should take RSA’s capital metrics beyond regulatory uncertainty, allowing the group to reach a competitive dividend payout ratio sooner than we anticipated. Under this scenario, we estimate the shares could be worth 504p based on a dividend discount model, representing 20% and 12% upside to the current share price and our sustainable return on equity-based valuation, respectively. We retain our hold rating to reflect that RSA’s management has not confirmed it is considering the disposal.</p><p>From a strategic perspective, the Latin America disposal would make sense, in our view. The further narrowing of the group’s focus would allow management to dedicate more attention and funds to improving its other core markets (UK, Canada, Scandinavia and Ireland), giving it a fighting chance of closing the gap to best-in-class peers. We would expect this to eventually offset the earnings dilution caused by the sale.</p> <a href="https://www.theguardian.com/business/marketforceslive/2015/mar/18/ftse-heads-towards-new-all-time-high-on-budget-boost">Continue reading...</a>BusinessHargreaves LansdownSt James's PlaceTaylor WimpeyPersimmonTullow OilRoyal Dutch ShellDiageoJD WetherspoonMarks & SpencerNextRoyal Bank of ScotlandLloyds Banking GroupStandard CharteredCRHAstraZenecaSmiths GroupRSA InsuranceRio TintoBHPVedanta ResourcesWeirImagination TechnologiesWed, 18 Mar 2015 17:24:52 GMThttp://www.theguardian.com/business/marketforceslive/2015/mar/18/ftse-heads-towards-new-all-time-high-on-budget-boostPhotograph: Andrew Matthews/PAPhotograph: Andrew Matthews/PANick Fletcher2015-03-18T17:24:52ZJD Wetherspoon calls for pubs to campaign against cheap supermarket beerhttps://www.theguardian.com/business/marketforceslive/2015/jan/21/jd-wetherspoon-calls-for-pubs-to-campaign-against-cheap-supermarket-beer
<p>Pubs group boss warns pub closures will accelerate if economy slows down</p><p>Outspoken <strong>JD Wetherspoon</strong> boss Tim Martin has repeated his call for supermarket alcohol sales to be taxed at the same rate as pubs and bars, and warned pub closures would accelerate if the economy slows down.</p><p>The comments came as the pubs company reported a slowdown in like-for-like sales. For the first 12 weeks of the second quarter like for likes increased by 2.8%, but there was a slowdown to 2% in December and in the last fortnight there has been a further decline. </p><p>Wetherspoon has had significantly better sales growth in the last couple of years than our main competitors, reflecting a pattern that has continued since our flotation.</p><p>Even Wetherspoon, however, has seen flat bar sales in the last two months, when food sales have continued to rise. Inevitably bar sales in the industry as a whole, especially where pubs have not benefited from Wetherspoon’s level of investment, will have fared less well.</p><p>We are cutting our forecasts (2015 by 4%; 2016 by 6%; 2017 by 8%) to reflect a lack of margin support.</p><p>Reflecting our downgrade, we are cutting our price target to 875p (from 950p). This, arguably generously, assumes the current 16 times PE rating holds. We are forecasting 30% of earnings growth over the next three years, of which most (16%) is due to falling swap costs.</p> <a href="https://www.theguardian.com/business/marketforceslive/2015/jan/21/jd-wetherspoon-calls-for-pubs-to-campaign-against-cheap-supermarket-beer">Continue reading...</a>BusinessJD WetherspoonWed, 21 Jan 2015 11:12:08 GMThttp://www.theguardian.com/business/marketforceslive/2015/jan/21/jd-wetherspoon-calls-for-pubs-to-campaign-against-cheap-supermarket-beerPhotograph: Rui Vieira/PAPhotograph: Rui Vieira/PANick Fletcher2015-01-21T11:12:08ZPub shares slump after MPs vote to give tenants free choice of beerhttps://www.theguardian.com/business/marketforceslive/2014/nov/19/pub-shares-slump-after-mps-vote-to-give-tenants-free-choice-of-beer
<p>Enterprise Inns hits out at unintended consequences and warns of pub closures </p><p>Pub company shares are heading into the slops tray after MPs voted to give tenants more freedom over buying their beer.</p><p>Overturning government plans for industry reforms, <a href="http://www.theguardian.com/politics/blog/live/2014/nov/18/coopers-immigration-speech-mays-policing-speech-politics-live-blog#block-546b7306e4b06794f962e4ec">MPs unexpectedly gave the go-ahead to an amendment to allow tenants to buy beer on the open market</a>. Around half of Britain’s 50,000 pubs are run by tenants under the beer-tie which mean they buy beer from the company which holds the pub lease - this is often at higher prices than the market rate in return for subsidised rent. </p><p>This amendment, which was not supported by the Government, threatens to have serious unintended consequences for publicans and the industry at large. </p><p>Independent economic research, commissioned by the government, found that a “market rent only” option would lead to widespread pub closures, significant job losses and reduced investment in the sector. This amendment is a disproportionate response which proposes fundamental change that is wholly contrary to the findings of the consultation, from which the Bill was drawn up.</p><p>The legislation may be amended further down the line and the vote yesterday could be consigned to history as nothing more than a protest. Or that might not happen. The government may conclude that, if it is going to lose one vote over the 2010-2015 parliament then this one may as well be the one and it could enshrine Clause 2 into legislation in which case the industry will have to adapt.</p><p> In which case it could lead to more pubs being either taken into (or often back into) management – meaning that there would be fewer jobs for tenants out there and perhaps more jobs in pub management) or it could mean that more pubs adopt the franchise system pioneered by Marston’s and now common across a number of operators.</p><p>There are a number of steps to this receiving Royal Assent, and we believe the pubcos may challenge whether such a change is legal, but this could have material consequences for the tenanted pub sector. </p><p>We estimate that the biggest impact would be on Enterprise Inns and Punch Taverns, which between them own over 9,000 tenanted pubs. The Government Impact Assessment into a free of tie rent agreement claimed that tied tenants would be £4,250 better off under a market rent only option. Using the current number of pubs, this implies a hit of £23m to Enterprise’s EBITDA [earnings before interest, taxes, depreciation, and amortization<em>] </em>and £16m to Punch, an 8% hit to EBITDA. This would be 19% of Enterprise’s pretax profit and 24% of Punch’s 2014 pretax profit. However, we believe that both would respond, lowering discretionary concessions and central overhead support. Under this scenario, we estimate the hit to pretax profit would fall to 9% at Enterprixe and 12% at Punch.</p><p>Is this a storm in a half pint mug or a barrel of trouble? </p><p>It could be seen as the latter, but is probably the former. The market rent only option is against both UK government policy and competition law here and in the EU, and we would expect the pub industry to appeal this amendment all the way through the courts. Enterprise also has the ‘nuclear’ option of converting into a real estate investment trust.</p> <a href="https://www.theguardian.com/business/marketforceslive/2014/nov/19/pub-shares-slump-after-mps-vote-to-give-tenants-free-choice-of-beer">Continue reading...</a>BusinessEnterprise InnsMarstonsJD WetherspoonGreene KingMitchells & ButlersPunch TavernsWed, 19 Nov 2014 09:39:46 GMThttp://www.theguardian.com/business/marketforceslive/2014/nov/19/pub-shares-slump-after-mps-vote-to-give-tenants-free-choice-of-beerPhotograph: Martin GodwinPhotograph: Martin GodwinNick Fletcher2014-11-19T09:39:46ZFTSE 100 soars more than 1% after Marks results and Wall Street recordhttps://www.theguardian.com/business/marketforceslive/2014/nov/05/ftse-100-soars-more-than-1-after-marks-results-and-wall-street-record
<p>Fashion retailers rise and oil shares recover after US inventories fall, but gold drops again</p><p>Leading shares took off like a rocket on bonfire night, as positive company updates outweighed another fall in precious metal miners.</p><p>Ahead of this week’s meetings of the Bank of England and European Central Bank and Friday’s US jobs data, the <strong>FTSE 100</strong> finished 85.17 points higher at 6539.14.</p><p>Since falling below $1,220 the trend appears to be characterised by sudden $20 drops before consolidating. The fundamental reason for the weakness in gold, namely the prospect of higher interest rates in the US has not changed. The timing of each sudden plunge in gold prices is highly correlated with moves higher in the US dollar.</p><p>While the top line continued to deliver, it is once again at the cost of margins. Full-year margin guidance has been lowered once again and the hoped-for stability continues to prove elusive. The commitment to the consumer proposition is to be admired but, with no sign of margin stability and subsequently falling returns, the shares will find it difficult to outperform. </p><p>The decline in margins in the first quarter was driven by a combination of labour costs (hourly staff rates increased by 5%), utility costs (up 4%), and there have also been some increases in prices from suppliers. The company continues to invest heavily in the business and ultimately believes that this will see improved returns, something that has yet to occur. <br></p> <a href="https://www.theguardian.com/business/marketforceslive/2014/nov/05/ftse-100-soars-more-than-1-after-marks-results-and-wall-street-record">Continue reading...</a>Market turmoilMarks & SpencerNextAssociated British FoodsRoyal Dutch ShellBPRandgold ResourcesFresnilloJD WetherspoonWed, 05 Nov 2014 16:59:48 GMThttp://www.theguardian.com/business/marketforceslive/2014/nov/05/ftse-100-soars-more-than-1-after-marks-results-and-wall-street-recordPhotograph: JUSTIN LANE/EPATraders on the floor of the New York stock exchange as Dow hits new high. Photo: EPA/Justin LanePhotograph: JUSTIN LANE/EPATraders on the floor of the New York stock exchange as Dow hits new high. Photo: EPA/Justin LaneNick Fletcher2014-11-05T16:59:48ZFTSE 100 ends near four week highs as Syria fears fade but investors eye US Federal Reservehttps://www.theguardian.com/business/marketforceslive/2013/sep/13/ftse-syria-us-federal-reserve
Markets anxiously await Fed decision on whether to ease its bond buying programme<p>Growing optimism that the Syrian crisis could be resolved without a US attack on the country helped push leading shares to their best level for a month last week.</p><p>But with Syria put to one side for the moment, investors moved on to worrying about next Wednesday's US Federal Reserve meeting. A feeling that the American central bank may signal a slowdown in its $85bn a month bond buying programme, a key support for global markets in recent months, took some of the shine off the week's gains.</p> <a href="https://www.theguardian.com/business/marketforceslive/2013/sep/13/ftse-syria-us-federal-reserve">Continue reading...</a>BusinessAnglo AmericanVedanta ResourcesBHPGlencoreAppleARMIMIITVMorrisonsPennonAmecJD WetherspoonFri, 13 Sep 2013 16:43:08 GMThttp://www.theguardian.com/business/marketforceslive/2013/sep/13/ftse-syria-us-federal-reserveNick Fletcher2013-09-13T16:43:08ZMining groups lead FTSE 100 lower ahead of US Federal Reserve meetinghttps://www.theguardian.com/business/marketforceslive/2013/sep/13/miners-ftse-100-down-us-federal-reserve
Investors cautious on expectation central bank could begin to ease its bond buying programme<p>Miners are leading the markets lower as investors await next week's US Federal Reserve meeting.</p><p>Ahead of US retail sales figures later in the day, markets are betting that the central bank could begin easing its bond buying programme, given recent reasonable economic data.</p> <a href="https://www.theguardian.com/business/marketforceslive/2013/sep/13/miners-ftse-100-down-us-federal-reserve">Continue reading...</a>BusinessGlencoreAnglo AmericanIMIJD WetherspoonFri, 13 Sep 2013 08:59:26 GMThttp://www.theguardian.com/business/marketforceslive/2013/sep/13/miners-ftse-100-down-us-federal-reserveNick Fletcher2013-09-13T08:59:26ZFTSE 100 falls back from five year highs but technology companies receive Samsung lifthttps://www.theguardian.com/business/marketforceslive/2013/mar/15/ftse-100-falls-samsung-arm-imagination
Investors nervous after poor US confidence figures and worries about eurozone and Cyprus bailout<p>Amid all the razzamatazz surrounding <a href="http://www.guardian.co.uk/technology/2013/mar/15/galaxy-s4-launched-samsung-tracking" title="">the long awaited launch of Samsung's Galaxy S4</a>, two UK companies were also celebrating.</p><p>Cambridge-based <strong>Arm</strong>, which supplies chip designs for the S4 as well as rival Apple's iPhone, added 6p to 928.5p following the product's unveiling on Thursday, while <strong>Imagination Technologies</strong>, whose graphics are in the Samsung phone, closed 12p higher at 552p.</p> <a href="https://www.theguardian.com/business/marketforceslive/2013/mar/15/ftse-100-falls-samsung-arm-imagination">Continue reading...</a>BusinessARMInternational Airlines GroupCarnivalPrudentialAntofagastaJD WetherspoonRentokil InitialOcadoMorrisonsFri, 15 Mar 2013 17:32:41 GMThttp://www.theguardian.com/business/marketforceslive/2013/mar/15/ftse-100-falls-samsung-arm-imaginationNick Fletcher2013-03-15T17:32:41ZShire gains after AstraZeneca takeover talk but FTSE falters on economic concernshttps://www.theguardian.com/business/marketforceslive/2013/jan/16/shire-astrazeneca-ftse-falters-economy
January rally continues to fizzle out as worries about global economic growth come to the fore once more<p><strong>Shire</strong> was among the day's biggest risers on renewed talk of a possible takeover for the pharmaceuticals group.</p><p>It announced a £700,000 share buyback but that was unlikely to be the reason its shares jumped 49p to £20.82, a near 2.5% rise in a downbeat market.</p> <a href="https://www.theguardian.com/business/marketforceslive/2013/jan/16/shire-astrazeneca-ftse-falters-economy">Continue reading...</a>BusinessShireAstraZenecaLloyds Banking GroupRoyal Bank of ScotlandImperial TobaccoAnglo AmericanTui TravelVodafoneTescoN BrownDixons RetailJD WetherspoonWed, 16 Jan 2013 17:30:18 GMThttp://www.theguardian.com/business/marketforceslive/2013/jan/16/shire-astrazeneca-ftse-falters-economyNick Fletcher2013-01-16T17:30:18ZJD Wetherspoon margins hit by increased costs and marketing spendinghttps://www.theguardian.com/business/marketforceslive/2013/jan/16/wetherspoon-margins-down-costs-marketing
Company hits out at tax and regulation as it reveals higher utility, labour, bar and food bills<p>Increased costs and marketing spend have hit profit margins at pubs group <strong>JD Wetherspoon</strong>.</p><p>The company, which offers beer and a burger for under £5, said like for like sales were up 8% for the eleven weeks to 13 January.</p> <a href="https://www.theguardian.com/business/marketforceslive/2013/jan/16/wetherspoon-margins-down-costs-marketing">Continue reading...</a>BusinessJD WetherspoonWed, 16 Jan 2013 11:58:30 GMThttp://www.theguardian.com/business/marketforceslive/2013/jan/16/wetherspoon-margins-down-costs-marketingNick Fletcher2013-01-16T11:58:30ZJD Wetherspoon gets Olympic boost but hits out again at government tax policieshttps://www.theguardian.com/business/marketforceslive/2012/sep/14/wetherspoon-olympics-taxes
Company says growth boosted by one-off events, but still expects reasonable result for the current year<p>Pubs group <strong>JD Wetherspoon</strong> was one of the beneficiaries of the Olympics and Paralympics, with the games leading to a strong boost to sales.</p><p>But it warned the boom would not last, and there were still a number of issues facing the industry. Chairman Tim Martin said profits for the year to the end of July rose 8.4% to a record £72.4m on revenues up 11.7%, before exceptional items such as impairment charges on pub assets and an IT write-off. Since then, helped by the games, like for like sales have climbed by 8.4%, with total sales up 12.8%. Martin said:</p><p>Sales this summer have been enhanced by a number of one-off events and we do not expect to sustain this level of growth. As previously indicated, it is anticipated that taxation and input costs will continue to rise. Overall therefore, the company is aiming for a reasonable outcome in the current financial year.</p><p>The biggest dangers to the pub industry are the VAT disparity between supermarkets and pubs, combined with the continuing imposition of stealth taxes, such as the late-night levy and the increase in fruit and slot machine taxes.</p><p>We remain positive on JD Wetherspoon due to its capital discipline, especially after the company cut the opening programme earlier this year (from 50 pre annum to 25) to protect investment returns. </p> <a href="https://www.theguardian.com/business/marketforceslive/2012/sep/14/wetherspoon-olympics-taxes">Continue reading...</a>BusinessJD WetherspoonFri, 14 Sep 2012 10:36:32 GMThttp://www.theguardian.com/business/marketforceslive/2012/sep/14/wetherspoon-olympics-taxesPhotograph: Tim Ireland/PAJD Wetherspoon reports record profits and revenues. Photograph: Tim Ireland/PAPhotograph: Tim Ireland/PAJD Wetherspoon reports record profits and revenues. Photograph: Tim Ireland/PANick Fletcher2012-09-14T10:36:32ZJD Wetherspoon hits out at government tax plans and slows down pub opening programmehttps://www.theguardian.com/business/marketforceslive/2012/may/02/wetherspoon-tax-pubs
Group says differential with supermarkets is increasing, threatening jobs and investment<p>Pubs group <strong>JD Wetherspoon</strong> has used its latest trading update to launch another attack on the government's taxation policies, which it claims are contributing to the north-south divide and threatening job creation.</p><p>The company, run by Tim Martin, hit out at the recent budget, saying an increase in excise duty and changes in fruit machine taxation would cost it an extra £2m a year. A new late-night levy would cost it another £2m - in all it said the effect of three tax increases this year would add £11m to its bill.</p> <a href="https://www.theguardian.com/business/marketforceslive/2012/may/02/wetherspoon-tax-pubs">Continue reading...</a>BusinessJD WetherspoonWed, 02 May 2012 10:10:37 GMThttp://www.theguardian.com/business/marketforceslive/2012/may/02/wetherspoon-tax-pubsNick Fletcher2012-05-02T10:10:37ZGloomy outlook for pub sectorhttps://www.theguardian.com/business/marketforceslive/2012/mar/09/gloomy-outlook-pub-sector-wetherspoons-punch
Wetherspoons and Punch Taverns say times are tough for pub owners<p>The outlook is still bleak for the pub sector. Britons may be drowning their sorrows, but they are doing it at home.</p><p>JD Wetherspoon inched up 3.7p to 409.87p, but said sales since mid-January had been "disappointing" and warned that cost pressures would hit margins in the second half.</p> <a href="https://www.theguardian.com/business/marketforceslive/2012/mar/09/gloomy-outlook-pub-sector-wetherspoons-punch">Continue reading...</a>Punch TavernsJD WetherspoonFood & drink industryFri, 09 Mar 2012 09:59:40 GMThttp://www.theguardian.com/business/marketforceslive/2012/mar/09/gloomy-outlook-pub-sector-wetherspoons-punchJosephine Moulds2012-03-09T09:59:40ZFresnillo fired by silver and gold rises, as FTSE rises on China growth and Bernankehttps://www.theguardian.com/business/marketforceslive/2011/jul/13/fresnillo-up-ftse-rises-on-china-bernanke
<p>Despite continuing concerns about the financial crisis in the Eurozone, investors prefered to concentrate on more positive news from elsewhere in the world, specifically China and the US.</p><p>News that China's economy had grown by 9.5% in the second quarter gave a boost to commodity prices and mining shares. With gold - the traditional safe haven in times of uncertainty - hitting a new record of $1585 an ounce and silver soaring another 5%, <strong>Fresnillo</strong> was among the best performers in the FTSE 100. The Mexican precious metals miner jumped 80p to £15.20, helped by news it planned to expand its newly opened Saucito mine to double production by 2016, in an effort to make it the world's biggest silver miner. <strong>Randgold Resources</strong> rose 225p to £54.40, <strong>Kazakhmys</strong> climbed 52p to £13.65 and <strong>Antofagasta</strong> added 39p to £14.39.</p> <a href="https://www.theguardian.com/business/marketforceslive/2011/jul/13/fresnillo-up-ftse-rises-on-china-bernanke">Continue reading...</a>BusinessFresnilloRandgold ResourcesAntofagastaKazakhmysBurberrySuperGroupMarks & SpencerSky plcBAE SystemsBPARMFirstGroupJD WetherspoonWed, 13 Jul 2011 16:17:03 GMThttp://www.theguardian.com/business/marketforceslive/2011/jul/13/fresnillo-up-ftse-rises-on-china-bernankeNick Fletcher2011-07-13T16:17:03ZEnterprise Inns drops 4% after UBS issues sell notehttps://www.theguardian.com/business/marketforceslive/2011/may/16/enterprise-drops-after-sell-note
<p><strong>Enterprise Inns</strong> is among the leading fallers after a negative note from analysts at UBS.</p><p>The bank said the pub industry remained challenging, given that consumer spending is under pressure, input costs are rising and beer consumption is in long term decline:</p> <a href="https://www.theguardian.com/business/marketforceslive/2011/may/16/enterprise-drops-after-sell-note">Continue reading...</a>BusinessEnterprise InnsJD WetherspoonMon, 16 May 2011 11:48:17 GMThttp://www.theguardian.com/business/marketforceslive/2011/may/16/enterprise-drops-after-sell-noteNick Fletcher2011-05-16T11:48:17ZJD Wetherspoon hit by snow but still boosts like for like saleshttps://www.theguardian.com/business/marketforceslive/2011/jan/19/wetherspoon-sales-up
<p>As with many companies <strong>JD Wetherspoon</strong> has said the heavy snow had an adverse effect on its sales, but at least it pointed out that it faced the same problem last year, so like for like growth was not really hit.</p><p>In a trading update the pubs group said sales rose 3% in the twelve weeks to last weekend, and although it was reasonably confident of the full year outlook, it faced a number of issues in the first half. On the severe weather it said:</p> <a href="https://www.theguardian.com/business/marketforceslive/2011/jan/19/wetherspoon-sales-up">Continue reading...</a>BusinessJD WetherspoonTate and LyleSoco InternationalWed, 19 Jan 2011 12:11:53 GMThttp://www.theguardian.com/business/marketforceslive/2011/jan/19/wetherspoon-sales-upNick Fletcher2011-01-19T12:11:53Z